The wheel of history is turning. What happens now will decide the human story for the coming decades or even longer. For the first time, people around the world have begun to feel what connects them – the will to shape a peaceful future dedicated to life and the exploration of nature. And not the redistribution of national wealth in the interest of a ‘precious’ few who may know a lot about manipulating human minds and but who know less about what is lacking in their own. Read the rest of this entry »

The German Institute for Economic Research in Berlin (Deutsches Institut für Wirtschaftsforschung –DIW), the largest economic research institute in Germany, said today that lending more money to Greece is pointless given the fact the country is so heavily indebted.

The DIW said that the Greek economy was being „eaten up“ by the gigantic interest payments that it has to make on ist national debt to banks and a haircut is necessary.

In spite of these obvious facts, the EU, IMF and ECB are continuing to cling to the fiction that Greece is merely illiquid and not insolvent, and there are now even plans afoot to ban ratings agencies because these will inevitably have, at some point, to acknowledge reality and classify Greece as in default. Read the rest of this entry »

“RussiaToday–Jul 6, 2011–Europe’s ongoing struggle to save the Euro has been dealt another blow as Portugal has had its debt downgraded to junk status. Moody’s, the credit rating agency behind the move, says a default is likely unless the country is given another bailout. Many analysts have questioned the logic of saddling struggling economies with more debt as speculation grows over whether the EU is ready to come to Portugal’s rescue again. And the direction the EU and the IMF are taking in solving this crisis may well lead to severe consequences – that’s according to Douglas Carswell, an MP from the British Conservative Party.”

*Greek MP says he was threatened with death if he did not vote for the EU, IMF and ECB austerity measures

*Economist Hans Werner Sinn warns that the eurozone bailouts for banks will cost Germans their pensions

*Only escape from financial meltdown for Germany now is to reintroduce Deutschmark says economist Markus Kerber

*EU Gauleiters tell Greece to accept massive loss of souvereignty and the presence of EU officials to administer state asset sales and tax collection

Protestors are continuing to gather in Athens’s main square, Syntagma Square , for the firth successive week, defying police who made use of brutal force to disperse demonstrators against EU, IMF and ECB austerity measures last Wednesday.

Ekathimerini reports that Greek police placed a fresh order of 900,000 euros for more tear gas with France, USA and Israel on Thursday as tensions continue to build over the austerity measures. Read the rest of this entry »

A Socialist deputy who last week grabbed headlines for making a controversial about-turn on the government’s austerity measures, has said he received death threats ahead of the vote.

In an interview with a local channel of his Kozani costitutency, Alexandros Athanassiadis said he had effectively been blackmailed to vote in favor of the so-called midterm fiscal plan, which was passed in a tense Parliament session last Wednesday.

The PASOK MP had earlier said he would definitely vote against the measures because he opposed plans to privatize the Public Power Corporation.

GREECE received a stark warning yesterday about the cost of the latest bailout in comments which were likely to send a chill down the spines of citizens in other countries that may need further bailouts.

“The sovereignty of Greece will be massively limited,” Eurogroup chairman Jean-Claude Juncker told Germany’s ‘Focus’ magazine in the interview released yesterday. “One cannot be allowed to insult the Greeks. But one has to help them. They have said they are ready to accept expertise from the eurozone,” the Luxembourg prime minister added.

Like the Irish, the Greeks are acutely sensitive to any infringement of their sovereignty and any suggestion that foreign “commissars” might become involved in running the country is an incendiary political issue and could trigger more street protests.

Even as Germany’s highest constitutional court in Karlsruhe is preparing to hear oral arguments challenging the legality of the Greek and other bailouts tomorrow , John O’Brennan says that it is almost certain that Euro-skeptic groups will ask the Irish Supreme Court to rule on the constitutionality of the ESM.

A Europe of judges

By John O’Brennan

07-04-2011 17:08

MAYNOOTH, Ireland ― As the Greek financial drama reaches its sorry denouement, another crisis looms for the European project ― this time in Germany, beginning with a case now before Germany’s Constitutional Court.